CFPB Head Faces Tough Questions From Congress

Personal Finance

CFPB Head Faces Tough Questions From Congress

CFPB Head Faces Tough Questions From Congress

The federal consumer watchdog agency recently celebrated its first birthday, but GOP lawmakers are attacking it as vehemently as ever, questioning why it hasn’t done more to encourage lending to consumers. Republicans on the House Oversight and Government Reform subcommittee recently held federal Consumer Financial Protection bureau director Richard Cordray’s feet to the fire about… Read More

5 Ways to Become a Credit Adult

Credit Score

5 Ways to Become a Credit Adult

5 Ways to Become a Credit Adult

Let’s word associate: Banks, mortgage brokers, credit card companies, credit reporting agencies, debt collectors, payday lenders…. Words like “daunting,” “challenging,” “black box,” and “scary” come to mind. Most consumers I speak to express fear of the unknown — and fear of being humiliated at the checkout counter, the restaurant, in front of friends and family…. Read More

10 States With the Biggest Debt Load

Managing Debt

10 States With the Biggest Debt Load

10 States With the Biggest Debt Load

As the recession recovery finally sets in for many Americans, debt management is at the top of their financial to-do list. However, there are still many areas with lots of personal debt. A recent analysis of data provided to Credit.com from Experian shows that most states have a revolving debt load of about $25,o00, with… Read More

CFPB Report Needs a Brighter Light on Private Student Loans

Students

CFPB Report Needs a Brighter Light on Private Student Loans

CFPB Report Needs a Brighter Light on Private Student Loans

This past Friday, the Consumer Financial Protection Bureau (CFPB) issued its report on private student loans (PSLs). It describes how PSL growth exploded during the run-up to the 2008 collapse—and even since that time—because of the same credit underwriting, regulatory oversight and consumer disclosure deficiencies we’ve seen with other types of lending(mortgages would be a… Read More

Walmart Comes Out Against $7 Billion Swipe-Fee Settlement

Credit Cards

Walmart Comes Out Against $7 Billion Swipe-Fee Settlement

Walmart Comes Out Against $7 Billion Swipe-Fee Settlement

Though many businesses considered the recent decision to settle a massive class action suit against the world’s two largest credit and debit card payment processors to be a big success, larger companies have expressed concern over it. Walmart recently came out in opposition to the $7.25 billion settlement between merchant groups and Visa and MasterCard,… Read More

Seniors: Who’s Managing Your Debts?

Managing Debt

Seniors: Who’s Managing Your Debts?

Seniors: Who’s Managing Your Debts?

Fran Hansen seemed to be doing just fine. She had a mortgage and credit cards, and she “never missed a payment” on any of her cards and always “paid my mortgage on time faithfully!” a Credit.com reader using the screen name Fran Hansen said in a recent comment to the blog. But Hansen’s children were worried…. Read More

Fewer Employers Are Using Credit Checks for Hiring

Credit Score

Fewer Employers Are Using Credit Checks for Hiring

Fewer Employers Are Using Credit Checks for Hiring

With the unemployment rate still hovering around 8.2%, there are a lot of job-seekers out there. And not all of those job hunters have a perfect financial record. That used to be a cause for concern, with many reports that employers were increasingly relying on credit checks to make hiring decisions. However, a new report… Read More

3 Ways a Personal Loan Can Boost Your Credit

Personal Loans

3 Ways a Personal Loan Can Boost Your Credit

3 Ways a Personal Loan Can Boost Your Credit

Consolidating credit card debt with a personal loan can do more than help you save money and budget better. It may also help your credit scores. Here’s how: Free Up Available Credit One of the factors that can affect your credit scores is the ratio of outstanding balances to available credit on your revolving lines… Read More

Bank of America to Issue No-Swipe Credit Cards

Credit Cards

Bank of America to Issue No-Swipe Credit Cards

Bank of America to Issue No-Swipe Credit Cards

One of the nation’s largest credit card lenders recently decided to join the push among its competitors and begin issuing a new type of plastic to some of its more affluent customers, allowing them greater purchasing flexibility, security and availability both at home and when they travel overseas. Bank of America will soon begin issuing… Read More

How Credit Scores Actually Fared in the Recession

Credit Score

How Credit Scores Actually Fared in the Recession

How Credit Scores Actually Fared in the Recession

Despite large number of financial difficulties suffered by millions of Americans, new data suggest that consumers’ credit ratings haven’t taken nearly as large a hit as many might have guessed in the past. The latest data from credit scoring bureau FICO shows that the average American with a credit score in their name had a… Read More

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